China holding in-depth talks with U.S. on phase one of trade deal

China and the United States are holding in-depth discussions on the first phase of a trade pact, and cancelling tariffs is an important condition to reach a deal, the Asian giant's commerce ministry said on Thursday, Olaylar with reference to Reuters reports.

The degree of tariff cancellation should fully reflect the importance of a phase one agreement, ministry spokesman Gao Feng told a regular briefing.